LONDON, July 6, 2026, 13:05 (BST)
- Shell Plc (LON:SHEL) hovered close to 2,891 pence. BP Plc (LON:BP.) dropped 0.6% as Brent crude lost 0.57%.
- Shell’s $3 billion buyback pause means roughly $1.2 billion of repurchases will move beyond the July 14 ARC Resources (TSE:ARX) vote.
- Shell’s next test is the Q2 update due Tuesday, with full second-quarter results out July 30.
London stocks traded during regular hours, with the London Stock Exchange open from 0800 to 1630 local time Monday. Shell’s sell/buy quote showed 2,891.0/2,891.5 pence, holding steady. The stock hit 2,906 pence earlier, and Shell’s market cap stood around 160.3 billion pounds.
Market action looked slow today. Shell didn’t have the typical big buyback. That’s because the company is waiting on its ARC deal paperwork, which still needs to clear a Canadian shareholder vote.
| Market check | Latest public reading | Change |
|---|---|---|
| Shell Plc (LON:SHEL) | 2,891.0/2,891.5 pence | unchanged on AJ Bell feed |
| BP Plc (LON:BP.) | 464.35/464.40 pence | down 0.60% |
| FTSE 100 | 10,663.68 | off 0.1% by 1037 GMT |
| Brent crude | $71.71 a barrel | down 0.57% at 0942 GMT |
Shell said May 7 it kicked off a $3 billion buyback program, planned for about three months and set to wrap before Q2 results. The London contract is set to run to July 24, capped at 320 million shares. Shell said it had to put the program on hold between the ARC circular’s publication and the end of the ARC meeting.
The pause means more than Shell’s flat stock. A rough read spreads the $3.0 billion over 57 weekdays in London from May 7 to July 24, or about $53 million each day. The June 12 to July 14 gap, Reuters reports, is around 23 weekdays—about $1.2 billion of notional demand now pushed to later 2026 programs, and that still needs board sign-off. Shell hasn’t promised steady daily buying.
| Shell flow and Q2 setup | Figure | Market read |
|---|---|---|
| Buyback cleared | $3.0 billion | the full buyback is around 1.4% of market cap at $1.3338/£ |
| Straight-line daily run-rate | about $53 million | market tracking number, not actual Shell plan |
| Straight-line pause period | about $1.2 billion | buyback on hold until after ARC vote |
| Q1 Integrated Gas production | 909,000 boe/d | previous reported figure |
| Q2 Integrated Gas midpoint guide | 610,000 boe/d | roughly 33% down from Q1 |
| Q1 LNG shipped | 7.86 million tonnes | reference quarter |
| Q2 LNG midpoint guide | 7.1 million tonnes | down about 10% from Q1 |
With sterling at $1.3338, Shell’s $3 billion buyback program works out to about 2.25 billion pounds, or 1.4% of Shell’s current market value. The delayed portion is smaller but comes as investors await Shell’s next operating update and as ARC shareholders get ready to vote on Shell’s biggest purchase since BG Group in 2016.
Shell got no boost from oil. Brent slipped as OPEC+ set another 188,000 barrel-per-day hike starting in August. PVM’s Tamas Varga said producers were “selling into a falling market.” But he noted cheaper crude could lift demand down the road. Reuters
Shell’s Q1 numbers had already hinted at an easier Q2. The company expects Integrated Gas output for the second quarter to be between 580,000 and 640,000 barrels per day, with LNG liquefaction in the 6.8 million to 7.4 million tonne range. Shell blamed Qatar, some fallout from Middle East tensions, and planned maintenance. Q1’s output was higher: 909,000 boe/d in Integrated Gas and 7.86 million tonnes of LNG.
Shell’s president of integrated gas, Cederic Cremers, said last week the Middle East conflict has caused “a system-wide shock” to LNG markets. Shell added global LNG trade might stay flat in 2026 if disrupted supply lines do not get back to normal over the next three months. Reuters
ARC votes July 14. Shell will report Q2 results and announce its dividend July 30. The company’s Q2 update comes out July 7.
